格隆汇9月2日｜山东黄金在港交所公告，于2025年9月2日（联交所交易时段前），公司与配售代理订立 配售协议，据此，配售代理已有条件及个别而非共同亦非连带同意作为本公司配售代理尽最大努力促使 不少于六名承配人认购最多136,500,000股配售股份，配售价为每股配售股份28.58港元，较最新收盘价 折价8.98%。预计配售事项所得款项总额为39亿港元。 ...

待完成后且假设所有配售股份均获成功配售，预计配售事项所得款项总额及所得款项净额将分别约为 39.01亿港元及38.92亿港元。按此基准，每股配售股份的净配售价将约为28.52港元。配售事项所得款项 净额将用于偿还公司债务。 格隆汇9月2日丨山东黄金(01787.HK)发布公告，为深入推动公司在资本市场的国际化布局，更进一步提 高公司的资本实力、优化资本结构，促进企业更加健康、可持续、高品质发展，助力打造具有全球竞争 力的世界一流黄金矿业企业。2025年9月2日(联交所交易时段前)，公司与配售代理(即中金公司与中信证 券)订立配售协议，据此，配售代理已有条件及个别而非共同亦非连带同意作为公司配售代理尽最大努 力促使不少于六名承配人(连同彼等各自的最终实益拥有人(如适用)将为独立第三方)认购最多1.365亿股 配售股份，配售价为每股配售股份28.58港元。 配售事项项下的配售股份相当于(i)本公告日期现有已发行H股数目的约15.89%及现有已发行股份数目的 约3.05%，及(ii)经配发及发行配售股份扩大后已发行H股数目的约13.71%及已发行股份数目的约 2.96%。每股配售股份的配售价28.58港元9月1日( ...

格隆汇9月2日丨根据联交所最新权益披露资料显示，2025年8月26日，山东黄金(01787.HK)获BlackRock, Inc.在场内以每股均价28.92港元增持好仓53.93万 股，涉资约1559.51万港元。 增持后，BlackRock, Inc.最新持好仓数目为5196.464万股，持好仓比例由5.99%上升至6.05%。 | 帳格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | 持有權益的股份數目 佔已發行的 有關事件的日期相 | | | --- | --- | --- | --- | --- | --- | | | 股份數目 | 原因 | | (請參閱上述*註 | 有投票權股(日 / 月 / 年) 權 | | | | | | | 份自分比 | | | | | | | 0/0 | | CS20250829E00514 | HKD 28.9200 BlackRock, Inc. | 1101(L) | 539,250(L | 51.964.640(L) | 6.05(L)26/08/2025 | | | | | | 6.635.500(S) | 0. ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 對 因 本 公 告 全 部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 證 券 的 邀 請 或 要 約。 本 公 告 不 得 在 或 向 美 國 境 內 直 接 或 間 接 派 發。本 公 告 不 構 成 或 組 成 在 美 國 購 買 或 認 購 證 券 的 任 何 要 約 或 游 說 的 一 部 分。本 公 告 所 述 本 公 司 股 份 並 無 且 不 會根據1933年美國證券法（經 修 訂，以 下 簡 稱「證券法」）登 記，且 不 得 於 美 國 提 呈 發 售 或 出 售，除 非 已 根 據 證 券 法 的 登 記 規 定 登 記 或 獲 豁 免 遵 守 該 登 記 規 定。本 公 告 所 述 本 公 司 股 份 正 以 下 列 方 式 提 呈 發 售 及 出 售：(i)僅根據證券法第144A 條 的 登 記 豁 免 規 定， ...

智通财经APP获悉，香港联交所最新资料显示，8月26日，贝莱德增持山东黄金(01787)53.925万股，每 股作价28.92港元，总金额约为1559.51万港元。增持后最新持股数目为5196.464万股，最新持股比例为 6.05%。 ...

智通财经APP获悉，香港联交所最新资料显示，8月26日，贝莱德增持山东黄金(01787)53.925万股，每 股作价28.92港元，总金额约为1559.51万港元。增持后最新持股数目为5196.464万股，最新持股比例为 6.05%。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [6]. Core Insights - The company achieved a revenue of 56.766 billion, representing a year-on-year growth of 24.01%, and a net profit attributable to shareholders of 2.81 billion, which is a significant increase of 102.98% year-on-year [1][2]. - The increase in gold prices has significantly boosted the company's performance, with domestic gold prices rising by 38.6% year-on-year to 722.1 yuan per gram, while the company's gold production cost increased by 17.7% to 344.8 yuan per gram [2]. - The company continues to expand its mining capacity, completing 293,000 meters of exploration and adding 18.8 tons of gold resources in the first half of 2025 [3]. - The report forecasts net profits for the company to reach 6.76 billion, 7.83 billion, and 9.45 billion for the years 2025, 2026, and 2027 respectively, driven by rising gold prices and expanding production [3]. Financial Summary - The company reported a net profit of 2.81 billion for the first half of 2025, with a gross margin of approximately 52.2% [1][2]. - Revenue projections for the upcoming years are as follows: 82.518 billion in 2024, 106.196 billion in 2025, 114.321 billion in 2026, and 121.682 billion in 2027, reflecting a growth rate of 39.21% in 2024 and 28.69% in 2025 [5]. - The earnings per share (EPS) are projected to be 0.57 yuan in 2024, increasing to 1.51 yuan in 2025, and reaching 2.11 yuan by 2027 [5].

Core Viewpoint - International gold prices have reached a new historical high, driven by expectations of interest rate cuts from the Federal Reserve and increasing demand for gold in the market [1][2][3]. Group 1: Market Performance - On September 1, international gold prices surged, with COMEX gold reaching a peak of $3552.4 per ounce, surpassing the previous high of $3557.1 per ounce set in early August [1]. - In the domestic futures market, the main contract for gold on the Shanghai Futures Exchange also rose significantly, breaking through 800 yuan per gram [1]. - Gold-related stocks in A-shares and Hong Kong stocks saw a strong performance, with over ten stocks, including Zhongjin Gold and Hunan Gold, hitting the daily limit, and the precious metals sector rising nearly 9% [1]. - Gold stock ETFs increased by over 9%, with year-to-date gains exceeding 65% [1]. Group 2: Economic Indicators and Predictions - The Federal Reserve's officials have signaled a dovish stance, with a high probability of a 25 basis point rate cut in the near future, which is expected to support gold prices [1][2]. - Current market conditions indicate a growing likelihood of gold prices breaking upward after four months of consolidation, driven by factors such as increased U.S. debt and rising demand for gold in jewelry as the consumption season approaches [2]. - Analysts from Citic Securities and Minsheng Securities suggest that the long-term outlook for gold remains positive due to ongoing global economic pressures and the potential for central banks to continue purchasing gold [3]. Group 3: ETF and Fund Performance - The gold stock ETF closely tracks the CSI Hong Kong-Shenzhen Gold Industry Index, comprising 50 large-cap companies involved in gold mining, refining, and sales, with the top ten stocks accounting for 66.52% of the index [2]. - The gold stock ETF has a recent five-day performance of 5.37% and a price-to-earnings ratio of 21.22 times, indicating a strong interest in gold-related investments despite a slight outflow of funds [5].

Core Viewpoint - The A-share market experienced fluctuations on September 1, with the ChiNext index leading gains, while the Shanghai Composite Index showed narrow movements. Gold concept stocks surged significantly, driven by rising international gold prices, which reached historical highs [2]. Market Performance - The ChiNext index outperformed other indices, indicating strong investor interest in growth sectors [2]. - Gold stocks such as Zhejiang Fu Holding, Zhongjin Gold, Huayu Mining, Hunan Gold, and Western Gold hit the daily limit, while others like Chifeng Jilong Gold, Zhaojin Mining, Shandong Gold, and Sichuan Gold rose over 7% [2]. Gold Price Movement - International gold prices opened high and continued to rise, with COMEX gold futures increasing by over 1%, peaking at $3,557.1 per ounce, marking a new historical high. Spot gold prices also broke through $3,480 per ounce, nearing the historical high set in April [2]. Economic Outlook - According to China International Capital Corporation (CICC), the U.S. is entering a prolonged phase of fiscal dominance and monetary coordination. Recent personnel changes support this assessment [2]. - Looking ahead, under fiscal dominance, the liquidity of the U.S. dollar may trend towards abundance, benefiting global risk assets. The potential for debt monetization, financial repression, and rising inflation may favor gold and other inflation-hedged assets [2].

截至2025年9月1日 14:30，中证沪深港黄金产业股票指数(931238)强势上涨7.14%，成分股晓程科技 (300139)上涨14.50%，中国黄金国际(02099)上涨11.15%，中金黄金(600489)上涨10.02%，华钰矿业 (601020)，湖南黄金(002155)等个股跟涨。黄金股票ETF基金(159322)上涨9.74%， 冲击3连涨。最新价 报1.48元。拉长时间看，截至2025年8月29日，黄金股票ETF基金近1周累计上涨7.69%。 流动性方面，黄金股票ETF基金盘中换手120.9%，成交3180.47万元，市场交投活跃。拉长时间看，截 至8月29日，黄金股票ETF基金近1年日均成交472.80万元。 截至8月29日，黄金股票ETF基金近1年净值上涨44.43%。从收益能力看，截至2025年8月29日，黄金股 票ETF基金自成立以来，最高单月回报为16.59%，最长连涨月数为4个月，最长连涨涨幅为31.09%，涨 跌月数比为8/6，上涨月份平均收益率为8.13%，历史持有1年盈利概率为100.00%。截至2025年8月29 日，黄金股票ETF基金近3个月超越基准年化收益为8.49 ...